Netizens have commenced signing a petition that will see HYBE lose tax recently earned privilege status.
On October 31, HYBE a petition was uploaded on the South Korean National Assembly webpage. The petition gave the public to power to remove HYBE’s designation as a “major business group” through a digital signature.
This petition comes after a Democratic Party of Korea revealed HYBE’s internal report that inhumanely criticized K-pop artists during the National Assembly Audit. Moreover, NewJeans band’s Hanni also attended the audit as a witness on HYBE’s alleged workplace bullying. Representative Park Hong Bae criticized HYBE’s CEO for not attending the Audit and urged the Ministry of Employment and Labor to take action by canceling HYBE’s “Top Company” status on workplace harassment grounds.
HYBE became the 1st entertainment company to achieve the “Major business group” designation in May 2024. HYBE’s founder, Bang Si Hyuk was accredited the “head of the major business group” given his over 5 trillion Won worth of assets and 31.57% shares at HYBE. If the petition goes through, HYBE will be stripped of all given privileges, especially the tax deferral benefits.
—-Karen Mwenda
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